WASHINGTON (dpa-AFX) - Gold prices rose Thursday despite a much bigger than expected increase in U.S. retail sales in the month of May.
The Commerce Department said retail sales jumped by 0.8 percent in May after climbing by an upwardly revised 0.4 percent in April.
That will likely result in U.S. GDP above 4% in the second quarter. The Federal Reserve said this week that it intends to raise interest rates twice more in 2018 in order to prevent the economy from overheating.
Gold was up $7, or 0.5%, to settle at $1,308.30/oz.
Overseas, the European Central Bank has pledged to keep interest rates on hold well into next year.
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